SAFCO's Q4 net profit more than doubles

15 January 2008 07:54  [Source: ICIS news]

DUBAI (ICIS news)--The Saudi Arabian Fertilizer Company (SAFCO), an affiliate of the Saudi Basic Industries Corporation (SABIC), on Tuesday reported a more than doubling in fourth quarter net profit.

Its net profit was Saudi riyals (SR) 741.5m ($200.21m) – the highest since it was formed – compared to SR315m in the same period of 2006, the company said in its preliminary results on the Saudi stock exchange.

For the full year, its net profit rose 92% to SR 2207.8 m from SR1151.3m in 2006, due to high urea values, which reached $405/tonne.

Beside the high prices for urea, the company also benefited from the start of commercial production at its new plant, Safco 4. The facility produces 1.1m tones/year of urea and 1.1m tones/year of ammonia.

SAFCO was formed in 1965 as joint venture between the Government and the citizens of Saudi Arabia. Saudi Arabian Basic Industries Corporation (SABIC) owns 42.99% with 57.01% being held by the private sector.

Based in Dammam, Saudi Arabia, SAFCO has an annual capacity of 2.2m tones/year of ammonia, 2.8m tones/year of urea, 210,000 tonnes/year of melamine, 100,000 tonnes/year of acetic acid and 30,000 tonnes/year of urea formaldehyde.

($1 = SR3.75)

By: Abdelghani Henni
65 6780 4359

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